Want to see what unchecked socialism looks like? Check out the Wall Street Journal article “Tragic Flaw: Graft Feeds Greek Crisis.” (subscription required)
A study to be published in coming weeks by the Washington-based Brookings Institution finds that bribery, patronage and other public corruption are major contributors to the country’s ballooning debt, depriving the Greek state each year of the equivalent of at least 8% of its gross domestic product, or more than €20 billion (about $27 billion).
Also from the WSJ:
Steven Rattner, the famed Wall Street deal maker and former Obama administration car czar, came under fire from his long-time business partners for what they called “unethical” efforts to win a $100 million investment for their private-equity firm, Quadrangle Group.
Are we already there?